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Hiatt Hardware enters administration

Published: 8 January 2009
After more than 20 years of trading, Birmingham-based hardware fittings distributor is latest casualty on the high street.
Hiatt Hardware, which has an annual turnover of £7m, has already let 11 members of staff go and restructuring and recovery specialists office are now working hard to try and save the firm.

Patrick Longley and Guy Mander of Baker Tilly have been appointed joint administrators.

Mr Mander blamed 'significant financial difficulties' for the company's demise and confirmed that Hiatt had made 11 of its 35 employees redundant earlier this week.

He said: "The economic downturn has affected both turnover and margins, with cashflow problems being exacerbated by the company's inability to de-stock, given market conditions."

Hiatt still has a good deal of stock on site and the administrators are seeking to sell the business as a going concern. Mr Mander is 'optimistic' that they will find a buyer.

He said: "We have been contacted by a number of interested parties and are progressing talks with them. We are optimistic that we will be able to sell the business as a going concern.

"We are dealing with a well-known name with a good customer list, wide range of stock, quality people and a freehold property - that is what's for sale."

Hiatt is continuing to trade, with the remaining employees 'actively assisting' the administrators in fulfilling outstanding customer orders.

Mr Mander added that if a buyer is found, it is likely that the remaining members of staff will keep their positions at the company.

Anyone interested in acquiring Hiatt Hardware can contact Guy Mander at Baker Tilly's Birmingham office on 0121 214 3100.

Comments

Published prior to March 2014
By James
Heard Mascott (indian Company) bought Hiatt out - does anyone know what their plans are & if they can be relied on ?
Published prior to March 2014
By Dan Harrison
Julie Branfoot (ex-Hiatt) is now working for Magnets UK, Liverpool. Julie can be contacted on 0151 448 0011 or 07590 443364.

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